New Delhi (India), 15th May 2023: RuPay has now launched a CVV (Card Verification Value) free payment experience for its debit, credit, and prepaid cardholders who have tokenised their cards on the merchant application or webpage, stated National Payments Corporation of India (NPCI).
NPCI said in a statement, if the cardholder has saved (tokenised) their card on an e-commerce merchant that supports this capability, they will not have to reach for their wallet or remember any card numbers.
Tokenisation is a simple method that allows merchants to safeguard card transactions without revealing the clear or genuine card details.
When a cardholder chooses to save their card for a domestic e-commerce transaction, they authenticate the transaction as a one-time activity followed by entering the OTP (two-factor authentication), it said. The details are then Tokenised and saved with the merchant.
Because genuine card details are not retained with the merchant, this protects the customer’s card details from cyber fraud.
The Merchants-live for CVV-less payments, for subsequent transactions, customers can complete the payment by simply entering the OTP, eliminating the need to enter the CVV or other card details.
The new CVV-less payments option, along with RazorPay, is now available for merchants such as Rapido, Porter, and others. According to the NPCI, RuPay is also collaborating with key aggregators/gateways such as PayU, CyberSource, Firstdata, Paytm, and others to expand this capability to other retailers.
